StuCo:InvestmentBanking101
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Transcript of StuCo:InvestmentBanking101
StuCo:InvestmentBanking101CourseSyllabus
CarnegieMellonUniversity
Instructor:TommyParkPhone:(+1)443.315.9326Email:[email protected]:ByappointmentCourseMeetingTimes98‐114A:Mondays6:30PM~7:50PMMargaretMorrisonA14CourseDescriptionThisisanintroductorycourseoninvestmentbanking.Studentswillhaveanunderstandingoftheprocessofrecruitment,internshipexpectations,andgeneralcorporatefinanceknowledgeattheendofthecourse.ThiscourseistailoredtowardsstudentswhohavenopreviousexperienceandareactivelypursuingafinanceinternshipinInvestmentBankingDivisionsofvariousfinancialfirms.Studentswillhavetheopportunitytositwiththeinstructortoaskquestions,receiveresumecritique,and/orhaveamockinterview.ThiscourseisnotintendedtogiveadetailedunderstandingofCorporateFinance,AccountingorFinanceingeneral,buttoprovideajumpstartforthosewhoarenotfamiliar.HighlyRecommendedReadingsMonkeyBusiness:SwingingThroughtheWallStreetJunglebyJohnRolfeandPeterTroobBank:ANovelbyDavidBledinCourseScheduleWeek1–AnIntroduction
i. WhatisanInvestmentBank?ii. Introductiontothiscourse
a. Syllabusb. Policiesc. Thingstodowhiletakingthiscoursed. Thingsthatarenotcoveredinthiscoursee. Howtopassthiscourse
iii. Why?Week2–MLKDay(Noclass)Week3–IntroductiontoIBD,CapitalMarketsandSalesandTrading
i. WhatisInvestmentBanking(continued)ii. OverviewoftheFinancialsMarkets
iii. OverviewofanInvestmentBankiv. InvestmentBankingvs.CommercialBankingv. MoreaboutInvestmentBankingDivision(IBD)andtheCapitalMarketsvi. SalesandTradingvii. IPOs,M&As,CapitalRaising,etc.viii. FindingyourplaceindifferentdivisionsofanInvestmentBank
Homework(Optional):SendmeacopyofanarticleaboutrecentM&A/IPO/DebtIssuance/LBO/Restructuringdealsthatyoucanfind.Writeabriefdescriptionaboutthedealterms,playersandanyotherimportantinformation.Youmayincludeyourthoughtsabouttheimplicationsandimportanceofthedealyouchose.PleaseseeBlackboardformoreinstructions.Week4–Preparingforafinanceinternship
i. Resumea. Importanceb. Howtowritethemc. CoverLettersd. Do’sandDon’ts(CommonMistakes)
ii. InterviewPreparationa. QuestionsAskedb. QuestionstoAskc. Whattheylookfor?d. Whatshouldyoulookfor?
Homework(Optional):Writearesumeorfixyourpre‐existingresumeandbringacopytoclassfortheinstructortoreview.Week5–Settingtherightmindset
i. Internshipsa. Expectationsandbehaviorb. Theranks,theirrole,andthingstolearnfromthedifferentpositionsc. Yourroleinaninvestmentbankingdivisiond. Whatyoushouldtrytodo/learnduringyourinternshipandhowto
makeitintoasuccessfuloneii. GeneralBankingProcess
a. Introductiontopitchesi. The“DealTeam”ii. Pitchbookcompositioniii. Dealvs.Non‐deal
b. DealsandClientsc. Researchd. Meaninglesstaskse. Execution
Homework(Optional):Pleasecompleteabriefcheckpointquiz(notgraded)postedonBlackboard.Youmaytakethequizmultipletimes.Week6–MonkeyBusiness
i. Researcha. Reutersb. BloombergTerminalsc. EDGARd. S&P/Moody’s/Fitch
ii. Whatcountsasresearchandwhatdoesn’tiii. Dailytasksiv. WorkHoursforInterns
Week7–Pitchbooks,PublicInformationBooklets,etc.
i. The“Art”ofPitchbooksa. Organizationofapitchbookandthevariationsb. MicrosoftOfficeShortcuts:whyyouneedtoknowthem
ii. The“Science”ofPitchbooksa. Howfinancialstatementsareusedb. Appropriatemultiplesandtheirsignificancec. Sector‐specifictasks
Week8–CompanyValuation
i. Whatareinvestmentbanksdoingfortheirclients?ii. Whatarethemethodscommonlyused
a. ComparableCompanyAnalysisb. PrecedentTransactionAnalysisc. DiscountedCashFlow
iii. Whataretheirsignificance(prosvs.cons)?iv. Whydowecare?
Week9–Midterm
i. Multiplechoiceii. Extracreditpointsavailableforthosewhoreadtheoptionalbuthighly
recommendedbookslistedinthissyllabusWeek10–CompanyValuation:ComparableCompanyAnalysis(continued…)Week11–CompanyValuation:PrecedentTransactionAnalysis(continued…)Week12–CompanyValuation:DiscountedCashFlow(continued…)Week13–CompanyValuation:Miscellaneousmethods/Review(continued…)Week14–CourseWrap‐up
i. Finalremarks
ii. Afterthiscourse…iii. Furtherreadingsiv. Networkingv. WordofCautionvi. QuestionsandAnswers
Week15–FinalExam
i. Multiplechoiceand“fillintheblanks”ii. Cumulativeiii. Extracreditpointsavailableforthosewhoreadtheoptionalbuthighly
recommendedbookslistedinthissyllabus